** this is the draft text as it has been proposed for negotiations during the Sixtieth session of UNCITRAL Working Group II (arbitration and Conci iation! in Ne" #ork$ %&' (ebruar) *+,- ** ----
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Scope of application
-8 This Convention applies to investor-State arbitration conducted on the basis of a treaty providin for the protection of investments or investors 29[investment$ treaty:58 /8 The term 9[investment$ treaty: means any bilateral or multilateral treaty, includin any treaty commonly referred to as a free trade a reement, economic inte ration a reement, trade and investment frame#or' or cooperation a reement, or bilateral investment treaty, #hich contains provisions on the protection of investments or investors and a ri ht for investors to resort to arbitration a ainst Parties to that [investment$ treaty8
[)nterpretation
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)n the interpretation of this Convention, re ard is to be had to its international character and to the need to promote uniformity in its application and the observance of ood faith in international trade8$
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Reservations
-8 & Contractin Party may declare that: a8 a specific [investment$ treaty, identified by title, name of Parties to that [investment$ treaty, and date that [investment$ treaty #as concluded, shall not be sub@ect to this Convention< b8 article 12-52a5 and?or 2-52b5, and, if applicable, article 62a5 and?or 2b5 shall not apply to arbitrations conducted usin certain sets of arbitration rules or procedures other than the *+C)TR&, &rbitration Rules< c8 article 12-52b5 and?or, if applicable, article 62b5 #ill not apply to arbitrations to #hich it is a disputin party8 /8 )n the event of amendment to the *+C)TR&, Rules on Transparency, a Contractin Party may, #ithin si% months of the adoption of such amendment, ma'e a reservation that such revised version of those Rules shall not apply under this Convention and that, instead, the most recent version of the *+C)TR&, Rules on Transparency to #hich that Contractin Party had not filed a reservation pursuant to this para raph, shall apply8 18 +o reservations are permitted to this Convention other than as provided in this article8
time, save for reservation under article =2/58 /8 Declarations, reservations, and their confirmations are to be formally notified to the depositary8 18 Declarations and reservations made at the time of si nature are sub@ect to confirmation upon ratification, acceptance or approval8 Such a declaration or a reservation ta'es effect simultaneously #ith the entry into force of this Convention in respect of the Contractin Party concerned8 68 & declaration or a reservation of #hich the depositary receives formal notification after the entry into force of the Convention ta'es effect on the first day of the month follo#in the e%piration of t#elve months after the date of its receipt by the depositary8 =8 &ny Party that ma'es a declaration or a reservation under this Convention may #ithdra# it at any time and may, sub@ect to article =, modify it at any time8 Such modifications or #ithdra#als are to be formally notified to the depositary8 A8 [& modification or #ithdra#al #hich has the purpose or effect of e%pandin the application of the *+C)TR&, Rules on Transparency is to ta'e effect on the first day of the month follo#in the e%piration of si% months after the date of receipt of the notification by the depositary8$ &ny [other$ modification or #ithdra#al is to ta'e effect on the first day of the month follo#in the e%piration of t#elve months after the date of receipt of the notification by the depositary8
Depositary
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The Secretary-Beneral of the *nited +ations is hereby desi nated as the depository of this Convention8
as from the date it is open for si nature8 68 )nstruments of ratification, acceptance, approval or accession are to be deposited #ith the depositary8
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-8 )f a Contractin State has t#o or more territorial units, #hich are parties to [investment$ treaties in their o#n name, it may, at the time of si nature, ratification, acceptance, approval or accession, declare that this Convention is to e%tend to such territorial units or only to one or more of them, and may amend its declaration by submittin another declaration at any time8 [The Contractin Party may, in such declaration, ma'e any of the reservations under article = #ith respect to each territorial unit that it so desi nates8$ /8 These declarations are to be notified to the depositary and are to state e%pressly the territorial units to #hich the Convention e%tends8 18 Ehen a Contractin State has declared pursuant to this article that this Convention e%tends to one or more but not all of such territorial units, a place located in a territorial unit to #hich this Convention does not e%tend is not considered to be in a Contractin State for the purposes of this Convention8 68 )f a Contractin State ma'es no declaration pursuant to para raph - of this article, the Convention is to e%tend to all territorial units of that Contractin State8
accepts, approves or accedes to this Convention after the deposit of the third instrument of ratification, acceptance, approval or accession, this Convention enters into force in respect of that State or a re ional economic inte ration or ani"ation on the first day of the month follo#in the e%piration of si% months after the date of the deposit of its instrument of ratification, acceptance, approval or accession8
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Time of application
This Convention and any declaration or reservation apply only to arbitrations that have been commenced after the date #hen the Convention, declaration or reservation enters into force or ta'es effect in respect of each Contractin Party8
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-8 & Contractin Party may denounce this Convention at any time by means of a notification in #ritin addressed to the depositary8 The denunciation ta'es effect on the first day of the month follo#in the e%piration of one year after the notification is received by the depositary8 /8 This Convention #ill continue to apply to arbitrations in respect of #hich arbitral proceedin s have been commenced before the denunciation ta'es effect8
DF+; at [place$, this [date$, in a sin le ori inal, of #hich the &rabic, Chinese, ;n lish, Grench, Russian and Spanish te%ts are e!ually authentic8 )+ E)T+;SS E7;R;FG the undersi ned plenipotentiaries, bein duly authorised [by their respective Bovernments$, have si ned the present Convention84